What Everyone Gets Wrong About College Debt

Everyone hates debt. I hate it, you hate it, bankers hate it, if it’s their own. They love it otherwise. But yet we cannot live without it. We love what the debt provides us, typically something that is out of reach given a normal circumstance. Even if there were zero interest dollars attached to it each month, we would still hate paying it back.

For the most part, we’ve learned to live with it because we rely on it so much. It’s how most of us drive our cars or use our fancy computers and phones. But when it comes to something like a college education, we have an entirely different view on debt. We even go as far as to call it, a crisis.

As of this writing, it’s estimated that student loans are now the second largest type of debt in a household next to the mortgage, adding up to a whopping 1.5 trillion dollars. You can either see that as a financial disaster or you can also attribute it to our growing population looking to get a higher level of education.

I’ll say this, finding exact numbers of college educated people in this country by year is difficult. Percentages are going up, but exact figures are hard to come by. Based on population growth alone, it is only feasible to assume that higher percentages on a larger population is a more substantial number than otherwise.